Question: Autopia is planning to issue a bond with a face ( par ) value of $ 4 0 , 0 0 0 , 0 0

Autopia is planning to issue a bond with a face (par) value of $40,000,000 and a stated interest rate (coupon rate) of 4 percent. Interest payments are made twice annually for a 30-year term. How much will Autopia receive if interest rates have increased to 4.5 percent at the time of issuance?

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